Quick look at the Ethereum markets versus Bitcoin and the US Dollar.
We can see that the market recorded some good gains alongside bitcoin this past week and a half, confirming the top of the channel we are finding the market in at around $520. This bullish channel is a welcome sight after the carnage from start of the year.
Right now it seems that the bulls are getting some ETH dropped on them by the bears, a short term correction here will be very healthy for the market. I would expect a pullback to about $480 or lower, depending on the strength of ETH vs BTC
Short term support is around $470 – $490, in my opinion and resistance is quite solid above $520, with $500 being the psychological barrier. Lets have a quick look at the performance against Bitcoin.
Here we can see that ETH is clearly still in a bearish trend versus BTC, this means most of the upside in USD will be capped, and will largely rely on BTC’s movements.
Resistance is getting heavy above 0.07 and we will be patient to wait and see where the market action takes the price Safe trades.